Stephens Investment Management Group LLC Trims Stock Position in Spotify Technology (NYSE:SPOT)

Stephens Investment Management Group LLC lowered its stake in Spotify Technology (NYSE:SPOT - Free Report) by 19.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,615 shares of the company's stock after selling 14,287 shares during the period. Stephens Investment Management Group LLC's holdings in Spotify Technology were worth $33,340,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SPOT. Schechter Investment Advisors LLC acquired a new stake in shares of Spotify Technology in the first quarter worth $386,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in shares of Spotify Technology by 26.8% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 630 shares of the company's stock worth $347,000 after acquiring an additional 133 shares during the period. Kathmere Capital Management LLC increased its stake in shares of Spotify Technology by 7.5% in the first quarter. Kathmere Capital Management LLC now owns 1,100 shares of the company's stock worth $605,000 after acquiring an additional 77 shares during the period. Ballentine Partners LLC increased its stake in shares of Spotify Technology by 33.5% in the first quarter. Ballentine Partners LLC now owns 1,260 shares of the company's stock worth $693,000 after acquiring an additional 316 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management increased its stake in shares of Spotify Technology by 20.4% in the first quarter. B & T Capital Management DBA Alpha Capital Management now owns 1,099 shares of the company's stock worth $604,000 after acquiring an additional 186 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded down $1.13 during midday trading on Friday, hitting $708.82. The company's stock had a trading volume of 1,267,406 shares, compared to its average volume of 2,222,043. The business's 50 day simple moving average is $689.79 and its 200 day simple moving average is $601.90. The company has a market cap of $145.10 billion, a P/E ratio of 117.55, a price-to-earnings-growth ratio of 1.87 and a beta of 1.68. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.97 earnings per share. On average, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on SPOT. Robert W. Baird increased their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Sanford C. Bernstein raised their price target on shares of Spotify Technology from $825.00 to $840.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. UBS Group raised their price target on shares of Spotify Technology from $680.00 to $895.00 and gave the company a "buy" rating in a research report on Friday, June 27th. Finally, The Goldman Sachs Group raised their price target on shares of Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $701.31.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.